US Congres Proposes a Bill to Study the Use of Cryptocurrencies in Sex Trafficking
The US House of Representatives Financial Services Committee has forward a bill that would start an investigation on the use of cryptocurrencies as a part of sex trafficking.
If the bill is signed and approved into the law, it will require the Comptroller General of the US to scrutinize how “virtual currencies and online marketplaces are used to buy, sell, or facilitate the financing of goods or services associated with sex trafficking.” The investigation would also analyze the use of digital currency in the unlawful exchange of drugs.
Representative Juan Vargas set up the “Fight Illicit Networks and Detect Trafficking” or the “FIND Trafficking Act”. The act calls for enhancement of “the efforts of Federal agencies to impede the use of virtual currencies and online marketplaces in facilitating sex and drug trafficking.”
As per the memorandum, the Comptroller General would be needed to give the report to the Committee on Banking, Housing, and Urban Affairs and the Committee on Financial Services with the outcome of the study and suggestions for administrative or regulatory action within one year of passing the law.
Members of Congress and the Committee on Financial Services have conveyed suspicion and outright dislike towards cryptocurrencies in the past. Delegate Sherman of California attacked the general idea of cryptocurrencies saying that they “help terrorists and criminals move money around the world… They help startup companies commit fraud, take the money, and one percent of the time they actually create a useful business.”
Representative Emanuel Cleaver shared his worry that Bitcoin (BTC) could be utilized“ to facilitate radical campaigns of abuse, harassment and/or violence against Americans,”. On the other hand, representative Roger William asserted that “all the world’s digital currencies are not compliant with the critical AML/KYC standards” and should not expect a reduction of these norms.
Whereas other members of Congress are not that reluctant to investigate the scope in crypto and show a more open way to the industry. A member of the Congressional Blockchain Caucus, Tom Emmer said that the US should be “the home to this innovation and should embrace these new technologies,” urging government offices to create more customized regulations for virtual currencies and blockchain. Senator Mark Warner, who has earned an image for being a crypto-bull, trusts that “blockchain has the potential to be just as transformational as cell phones.”
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